Corporate recovery specialists Begbies Traynor took over as administrators last month but have failed to find a buyer forcing them to wind-up the firm.

Established in 1997, the contractor earned a reputation as one of UK’s leading designers and constructors of sports grounds after completing around 200 projects.

Simon Haskew of Begbies said despite being a profitable business, three onerous projects in the latter part of 2011 significantly impacted profitability and the company was unable to trade out of the situation.

He said: “With growing turnover and profit the business was performing well, but as we see so often in the construction sector, failure of other businesses and dependence on outside contractors inflicted heavy losses on the business, which they were unable to recover from.

“Despite establishing a strong niche, and having a growing business, AP Thompson lost control of some key contracts and the result for the business was eventual closure.”

Haskew added: “Continued impetus into the construction sector from both local and national government is needed to avoid the failure of more businesses and further job losses.”